SPECIAL MEETING - Laserfiche WebLink

ATTACHMENT 3 THE CITY OF Housing Authority I . -1_1 ;- .- Board of Commissioners pLE AS4NTON® Agenda Report May 17, 2012 Item 6 SUBJECT: Approval of Annual Operating Budget for Kottinger Place for Fiscal Year 2012/13 STAFF RECOMMENDATION: 1) Adopt the attached draft resolution approving an amended annual Operating Budget for Kottinger Place for fiscal year 2012/13 that includes a reduction of$7,259 from Acct. 4210 and a footnote indicating the Authority authorizes an allocation of$16,999 from the Reserve Accounts if necessary to meet operating expenses; and, 2) Recommend that the Housing Authority Board of Directors approve the Operating Budget at its meeting of June 5, 2012. ATTACHMENTS: 1. Draft Resolution 2. Proposed Operating Budget for FY 2012/13 (With Footnotes) 3. Listing of Housing Authority Reserves 4. Letter from HUD Concerning CY 2012 Operating Fund Grant(March 2, 2012) Background Attached is the proposed Operating Budget for fiscal year 2012/13 (July 1, 2012, to June 30, 2013) for Kottinger Place. The document has been prepared by Barcelon Associates. As per the Board's past direction, Barcelon has submitted a budget which it feels to be realistic. A summary of income and expenditures ("Budget Footnotes") is included as an attachment. The budget also includes columns for the original and projected/actual budget for the current year for each line item to provide a comparison with proposed budget line item amounts. As the Board is aware, an Operating Budget must be adopted each year and is used as the overall financial plan for the project during the coming fiscal year. The Operating Budget must receive final approval from the Housing Authority Board of Directors (the City Council) prior to submittal to HUD. The Council is tentatively scheduled to review and take action on the budget at its meeting of June 5, 2012. Page - 1 -